[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
March 4, 2019
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)
Notice concerning Execution of Put/Call Options
Invincible Investment Corporation (“INV”) announces today that it has decided to enter into a series ofcontracts where INV is purchasing Put Options and selling Call Options on the JPY-USD in order to hedge theforeign currency risk of USD based cash flows from the Westin Grand Cayman Seven Mile Beach Resort &SPA and the Sunshine Suites Resort (the “Cayman Hotels”), which INV acquired on September 29, 2018.
INV will maintain the put/call options that have not expired yet, as announced in “Notice concerning Cancel ofExisting Foreign Exchange Forward and Execution of Put/Call Options” dated November 2, 2018.
The contracts were entered into as Puts and Calls to allow a fixed exchange rate of 110 JPY to one US Dollarfor a period through December 31, 2020 at a cost of approximately 60 million JPY. INV believes thesecontracts benefit INV to help hedge against any USD-JPY fluctuation through the end of 2020. INV ishedging amounts that are estimated to be 85% of the cash flow from April 1, 2020 through December 31,2020, which is in line with the past options. INV believes that its plan to change ownership structure of theCayman Hotels will not have a material effect on the cash flows with the exception of some small expensesavings and thus the hedging strategy either.
1. Overview of the new put and call options
The below are the specific details around the purchase of three put options and the sale of three call options.
Purchase of Put Options(1) Counterparty(2) Contract amount(3) Contract Type(4) Forward exchange rate(5) Agreement date(6) Expiration date

Nomura Securities Co., Ltd.
USD 7,979,000 (Note1)
Purchase of Put Option
1 USD = 110.00 JPY
March 4, 2019
July 8, 2020

This English language notice is a translation of the Japanese-language notice released on March 4. 2019and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

1(1) Counterparty(2) Contract amount(3) Contract Type(4) Forward exchange rate(5) Agreement date(6) Expiration date

Nomura Securities Co., Ltd.
USD 3,939,000 (Note1)
Purchase of Put Option
1 USD = 110.00 JPY
March 4, 2019
October 7, 2020

(1) Counterparty(2) Contract amount(3) Contract Type(4) Forward exchange rate(5) Agreement date(6) Expiration date

Nomura Securities Co., Ltd.
USD 5,656,000 (Note1)
Purchase of Put Option
1 USD = 110.00 JPY
March 4, 2019
January 8, 2021

Sale of Call Options(1) Counterparty(2) Contract amount(3) Contract Type(4) Forward exchange rate(5) Agreement date(6) Expiration date

Nomura Securities Co., Ltd.
USD 7,979,000 (Note1)
Sale of Call Option
1 USD = 110.00 JPY
March 4 , 2019
July 8, 2020

(1) Counterparty(2) Contract amount(3) Contract Type(4) Forward exchange rate(5) Agreement date(6) Expiration date

Nomura Securities Co., Ltd.
USD 3,939,000 (Note1)
Sale of Call Option
1 USD = 110.00 JPY
March 4, 2019
October 7, 2020

(1) Counterparty(2) Contract amount(3) Contract Type(4) Forward exchange rate(5) Agreement date(6) Expiration date

Nomura Securities Co., Ltd.
USD 5,656,000 (Note1)
Sale of Call Option
1 USD = 110.00 JPY
March 4 , 2019
January 8, 2021

(Note 1)

In order to avoid over-hedging, the contract amount is approximately 85% of the estimated cash flow for the threemonth period ending the end of the month immediately prior to the expiration date.

Since the estimated distribution

amount is an estimate as of today, there is a possibility that the actual distribution amount will fall short of the estimateddistribution amount and thus an over-hedge may occur. INV believed that its plan to change ownership structure of theCayman Hotels will not affect the above hedging plan

2. Future Outlook
The impact to the INV’s financial results by the execution of the contracts of foreign exchange options isminor.

Website of INV: http://www.invincible-inv.co.jp/eng

This English language notice is a translation of the Japanese-language notice released on March 4. 2019and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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